"After the same manner also he took the cup, when he had supped, saying, This cup is the renewed covenant in my blood: this do ye, as oft as ye drink it, in remembrance of me" (1Cor. 11:25).

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"the renewed covenant = η καινη διαθηκη. See comment on Matthew 26:28 and Luke 22:20.  Yeshua's actual use of the word "renewed" is in dispute, although he certainly meant it.   The omission in Matthew and Mark and possibly Luke only argues in favor of the meaning 'renewed'.  It is possible that Yeshua repeated his statement twice, and that the second repetition was less formal as an explanation added to one of the other Apostles. This might explain the permuted order of the text in the gospel of Luke.   With or without it, the text makes the same sense.   If Yeshua did not use the word the first time, then the explanation is probably that he added it later.  The gospel writers are reporting faithfully, but they have different emphasis in mind.   For dispersion Jews, 'renewed covenant' was probably to be emphasized, for they were in exile.  For Judean Jews, 'the covenant' made more sense" (torahtimes.org).

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Daniel's Literal Translation and Commentary: (http://www.torahtimes.org/translation/1cor1125.html)